Watches of Switzerland half-year revenue rises 15% to £974m with UK sales up 9%

Watches of Switzerland Group, the UK's largest luxury watch retailer, took £974 million in revenue in the 26 weeks to 1 November, 15% more than the £845 million it reported for the same half last year. The company expects adjusted EBIT of £87 million to £89 million for the period, about 28% higher, with the margin up by 80 to 100 basis points.

In the UK, revenue rose 9% to £473 million from £436 million, with growth coming from flagship boutiques and many regional cities, and luxury jewellery and Certified Pre-Owned watches both growing faster than the rest of the business. During the half the group expanded the Rolex boutique in Glasgow and refurbished three Goldsmiths shops, in Watford, Chelmsford and Exeter.

The US business brought in £501 million, 22% more at constant currency, helped by sales at Deutsch & Deutsch, a retailer the group has acquired. Roberto Coin, the jewellery brand it distributes in the US, grew wholesale sales by 15% at constant currency and opened its first two shop-in-shops with wholesale partners in October.

By product, luxury watches brought in £812 million, up 15%, and luxury jewellery £123 million, up 20% at reported rates. In showrooms, jewellery sales grew 31% at constant currency.

Net debt stood at £24 million on 1 November, compared with £112 million at 26 October 2025.

Guidance for the full year

For the 2027 financial year the company now expects:

• revenue growth of 7% to 10% at constant currency, up from 5% to 10%
• adjusted EBIT margin expansion of 60 to 80 basis points, up from 40 to 80
• capital spending of £60 million to £70 million and free cash flow conversion of about 70%, both unchanged

Revenue growth is expected to slow in the second half, which has one fewer trading week than last year, and the group will lap the Deutsch & Deutsch acquisition in January. The figures are unaudited, and full half-year results are due on Thursday 10 December.